- November 2024
- Premier America
At Premier America Credit Union, we’re committed to helping you protect your account. One key way we do this is through a One-Time Passcode (OTP), a quick, extra layer of security for your online and mobile banking. But it’s essential to understand how fraudsters can misuse OTPs if not handled carefully. Let’s explore what OTPs are, why they’re important, and how you can protect yourself against scams targeting these codes.
What is a One-Time Passcode (OTP)?
A One-Time Passcode is a temporary, unique code sent to you via text or email. This code is used to verify your identity when accessing your account or making certain types of transactions. Think of it as a digital “lock and key” – it adds an extra barrier that makes it harder for anyone but you to access your information. OTPs are essential because they offer real-time verification, protecting your account from unauthorized access.
How Fraudsters Use OTPs
Unfortunately, fraudsters are finding ways to trick people into sharing their OTPs. Here’s how a typical scam might work:
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A fraudster poses as a bank or credit union representative, claiming there is an issue with your account.
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They may create a sense of urgency, stating that immediate action is needed to “protect” your account or “confirm” a transaction.
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They ask for the OTP sent to your device, insisting it’s necessary to resolve the problem.
Once they have your OTP, they can gain access to your account, make unauthorized transfers, or steal your personal information. It’s important to remember: Premier America will never call and ask for your OTP, username, or password over the phone. We will only verify these details if you are calling us directly.
How to Protect Your Account with Security Alerts
A great way to stay ahead of potential fraud is by setting up security alerts. These alerts keep you informed about important account activities so you can act quickly if anything suspicious occurs. Here are some security alerts you may want to enable:
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New Computer/Browser Registered: Be notified anytime a new device accesses your account.
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Password Change Alert: Get alerts if someone tries to change your password.
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Password Change Attempt: Receive a notification if an unsuccessful password change attempt is made.
Setting up these alerts can help you catch suspicious activity right away. View our step-by-step guide on enabling alerts.
What to Do if You Suspect Card Fraud
If we detect a potential fraudulent transaction on your card, we’ll send you a text message to confirm. If it’s not fraud, simply reply with “N” and retry the transaction to proceed. If you suspect any fraud, call us immediately at 800-772-4000 so we can help secure your account.
Key Takeaways
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Never share your OTP with anyone, even if they claim to be from Premier America.
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Set up security alerts to monitor important account activities.
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Verify communication by contacting Premier America directly if you ever have doubts about a call or message.
Your safety is our top priority, and with these security tips, you can help keep your information and accounts safe. Thank you for trusting Premier America Credit Union as your financial partner.